Wressle Partners to Proceed towards Field Development
Partners in the UK onshore Wressle oil and gas discovery announced Thursday that they are "sufficiently comfortable" to proceed directly towards putting together a field development plan (FDP) after having completed a detailed review of data gathered to date from the discovery.
Egdon Resources, which holds a 25-percent stake in the PEDL180 license than contains the Wressle discovery, said that it had been the partners' intention to undertake further well test operations on both the Ashover Grit and Penistone Flags intervals of the Wressle well. However, the firms now believe they have enough data "without requiring further time-consuming and costly testing operations".
Egdon pointed out that low flow rates from the Ashover Grit measure in the initial testing phase – 80 barrels of oil per day (bopd) – were affected by localized near-well bore formation damage, and so they were not representative of the flow rates that could be attained from this interval. The firm said that reservoir engineering analyses of the well test pressure and production data indicate that initial production rates in excess of 500 bopd could be achieved.
Egdon said it and the other PEDL180 partners now plan to progress to an agreed FDP for Wressle with a view to it being ready during the first quarter of 2016 for submission to the Oil and Gas Authority for approval. The firm said the FDP will be compiled using drilling and test data from the well together with reprocessed 3D seismic data to quantify the developable resource volumes attributable to Wressle.
Commenting on the development, Egdon Managing Director Mark Abbot said in a company statement:
"We are delighted that the petroleum engineering and geotechnical work conducted to date has given the PEDL180 joint venture sufficient confidence to move directly towards FDP preparation for Wressle, without further costly and time-consuming testing. We are now focussed on delivering the required consents to enable us to commence commercial oil production from the Ashover Grit in the second half of 2016."
Union Jack Oil holds an 8.33-percent interest in PEDL180. Its executive chairman, David Bramhill, added in a separate statement:
"Union Jack's first venture with the drill bit has created significant value resulting in a discovery where field development leading to commercial production is anticipated during the second half of 2016."
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